Climate change is all the rage in Western economies right now, with governments at national, regional and probably parish council level, all pumping cash into new projects. It makes sense for insurers and brokers to ride this green gravy train as it gathers speed after Covid. There is likely to be a huge public sector funded construction boom as the UK closes down High Street retail and converts many of those buildings into social housing projects. There will also be opportunities for insuring refurbished electrical goods as part of the circular economy, new solar, wind and water power infrastructure, ridesharing, electric delivery vehicles of all shapes and sizes, cyber interruption, plus carbon offset projects like tree planting. The market is worth billions.
So this latest move by the ABI is definitely the smart one;
Andy Briggs, Group CEO of Phoenix Group and former Chair of the ABI, is to chair a new Board climate change committee for the Association of British Insurers to help co-ordinate and drive collective focus on climate change and sustainability.
The insurance and long-term savings industry has a significant role to play in tackling climate change whether through investment of long-term assets in green infrastructure, helping society to be more resilient to the impact of climate change or supporting the ambition for the UK to reach net zero carbon emissions by 2050. As COP26 approaches, the ABI has established the Board committee to drive the industry’s strategy and progress and provide oversight at the most senior level across our members.
The committee will be formed by ten members of the ABI’s Board and will meet for the first time in April. The group will be focussing on delivering an ambitious sector-wide approach to reaching Net Zero, identifying how the industry’s investments and underwriting can enable the ‘Green Industrial Revolution’ and identifying how insurance and long-term savings customers can be supported to make more sustainable choices.
Andy Briggs, Group CEO Phoenix Group and Chair, ABI Climate Change Board Committee, said: “I’m delighted to be taking on the role as Chair of this vital new committee at the ABI. The impact of climate change is one of the biggest global issues of today and in the run up to COP-26, it is essential that as an insurance industry, investing trillions on behalf of our customers, we work together with Government and wider stakeholders to drive positive change.”
Huw Evans, Director General, ABI, said: “We’re delighted that Andy has agreed to chair the Board’s new climate change committee. There has never been a more crucial time for the insurance and long-term savings industry to act on our collective potential to do more to invest in transitioning the economy to Net Zero and managing the effects of climate change. The new Board committee confirms our commitment to this challenge.”